LexisNexis has joined forces with bitcoin blockchain surveillance firm Elliptic to restrict illicit transactions with the cryptocurrency, according to reports from Reuters.
London-based blockchain startup Elliptic and LexisNexis are hoping that with their service they can include bank-grade Anti-Money Laundering (AML) regulations to the digital currency’s transactions.
Who is LexisNexis?
LexisNexis is a leading company that provides essential information to banks to adhere to AML controls. It helps 50 of the top 50 U.S banks to avoid crime, lessen business risk, and realize regulatory compliance. By utilizing a database of 2.7 million global entities, the company can determine who is involved in illicit transactions.
Working with Elliptic
In a bid to make bitcoin more appealing to individuals who want to utilize it for genuine reasons, LexisNexis has shared their database with Elliptic.
Elliptic works with law enforcement agencies and leading bitcoin companies and exchanges, tracking bitcoin transactions, enabling it to alert bitcoin exchanges and U.S. and European intelligence services who then have the change to reduce the risk of theft, extortion, and money laundering.
Last month, Elliptic teamed up with the